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1. What is the Singapore corporate tax rate?
2. Is there a tax exemption scheme for new start-up companies in Singapore?
3. Are all corporate income taxable?
4. When is the corporate tax filing season?
5. What is the ECI (Estimated Chargeable Income)?
6. Do I have to file a tax return if I have no income from my Singapore Company?
1. What is the Singapore corporate tax rate?
Singapore company is taxed at a flat rate of 17% on its chargeable income regardless of whether it is a local or foreign company.
2. Is there a tax exemption scheme for new start-up companies in Singapore?
New start-up companies got tax exemption for the first 3 consecutive YAs as below.
From YA 2020 onwards:
· 75% exemption on the first S$100,000 of normal chargeable income; and
· A further 50% exemption on the next S$100,000 of normal chargeable income
3. Are all corporate income taxable?
Corporate income tax, personal income tax, property income tax, and stamp duty are taxable income in Singapore.
Capital gains (interest, dividend), Capital gains tax, gift tax, and inheritance tax are not taxable.
4. When is the corporate tax filing season?
Companies have to file their Estimated Corporate Income within three months from end of their financial year, they will pay estimated assessment based on ECI filed.
After that, all companies are required to e-File their Corporate Income Tax Returns by 30 Nov of each year for companies’ tax filing obligations.
5. What is the ECI (Estimated Chargeable Income)?
Companies required to file an estimate of its chargeable income within three months after the end of their financial year.
ECI is an estimate of the company’s taxable income for a YA. After deducting tax-allowable expenses, the effective tax rate is applied to calculate the corporate tax.
6. Do I have to file a tax return if I have no income from my Singapore company?
All companies have to file their ECI (Estimated Chargeable Income).
However, your company is not required to file the ECI for that particular YA if the following conditions are met:
· Annual revenue is not more than S$5 million for the financial year; and
· ECI is NIL for the year of assessment
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